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UNITED STATES SECURITIES AND
EXCHANGE COMMISSION
 Washington, D.C. 20549
   FORM 10-K þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 OR  ̈
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended December 31, 2004
Commission File Number 0-6136 CORUS BANKSHARES, INC.  Minnesota
    
    41-0823592(State of incorporation or organization)
    
    (I.R.S. Employer Identification No.)3959 N. Lincoln Ave., Chicago, Illinois
    
    60613-2431(Address of principal executive offices)
    
    (Zip Code)
 (773) 832-3088
(Registrants telephone number) Securities registered pursuant to Section 12(b) of the Act: Title of each class
    
    Name of exchange on which registeredCommon stock, par value $0.05 per share
    
    NASDAQ
 Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such
filing requirements for the past 90 days. Yes þ No  ̈ Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of
Regulation S-K is not contained herein, and will not be contained, to the best of registrants
knowledge, in definitive proxy or information statements incorporated by reference in Part III of
this Form 10-K or any amendment to this Form 10-K.  ̈ Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act).
Yes þ No  ̈ On June 30, 2004, the Registrant had 27,853,848 common shares outstanding. Of these,
14,781,960 common shares, having an aggregate market value (based on the closing price for these
shares as reported by NASDAQ on June 30, 2004) of approximately $607.7 million, were owned by
shareholders other than directors and executive officers of the Registrant and any other person
known by the Registrant as of the date hereof to beneficially own five percent or more of
Registrants common shares. Common shares outstanding at February 21, 2005 totaled 27,807,608. Documents Incorporated By Reference Parts I and II of this Form 10-K incorporate by reference certain information from the
Registrants 2004 Annual Report to Shareholders. Part III of this Form 10-K incorporates by
reference certain information from the Registrants definitive Proxy Statement dated March 11, 2005
for its Annual Meeting of Shareholders to be held on April 21, 2005.




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CORUS BANKSHARES, INC.
INDEX TO ANNUAL REPORT ON FORM 10-K
DECEMBER 31, 2004 TABLE OF CONTENTS PART IItem 1. Business
    
    
    1Item 2. Properties
    
    
    6Item 3. Legal Proceedings
    
    
    7Item 4. Submission of Matters to a Vote of Security Holders
    
    
    7PART IIItem 5. Market for Registrants Common Equity, Related Stockholder Matters and
Issuer Purchases of Equity Securities
    
    
    8Item 6. Selected Financial Data
    
    
    9Item 7. Managements Discussion and Analysis of Financial Condition and
Results of Operations
    
    
    10Item 7a. Quantitative and Qualitative Disclosures About Market Risk
    
    
    10Item 8. Financial Statements and Supplementary Data
    
    
    11Item 9. Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure
    
    
    18Item 9a Controls and Procedures
    
    
    18Item 9b Other Information
    
    
    18PART IIIItem 10. Directors and Executive Officers of the Registrant
    
    
    19Item 11. Executive Compensation
    
    
    20Item 12. Security Ownership of Certain Beneficial Owners and Management and
Related Stockholder Matters
    
    
    20Item 13. Certain Relationships and Related Transactions
    
    
    20Item 14. Principal Accountant Fees and Services
    
    
    20PART IVItem 15. Exhibits and Financial Statement Schedules
    
    
    21Signatures
    
    
    232004 Annual ReportConsent of Independent Registered Public Accounting FirmRule 13a-14(a)/15d-14(a) CertificationRule 13a-14(a)/15d-14(a) CertificationSection 1350 Certifications




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PART I 
 ITEM 1. BUSINESS Corus Bankshares, Inc. (Corus or the Company), incorporated in Minnesota in 1958, is a
bank holding company registered under the Bank Holding Company Act of 1956. Corus provides
consumer and corporate banking products and services through its wholly owned banking subsidiary,
Corus Bank, N.A. (the Bank). Corus other activities include investments in the common stocks of
financial industry companies as well as participations in certain of the Banks larger commercial
real estate loans. The two main business activities for the Bank are commercial real estate
lending and deposit gathering. The third, and smaller, business is servicing the check cashing
industry. Commercial Real Estate Lending Product Line  Focused The Banks lending focus is almost exclusively on commercial real estate projects. The
project types include condominium buildings, hotels, office buildings and apartment buildings.
Recently, Corus lending has been concentrated on condominium projects, which secured 85% of the
loans closed in 2004. These condo-secured loans are predominantly construction loans with the
remainder secured by either apartment projects slated for conversion to condos, or the unsold
remaining inventory of active condo projects. As with the condo
portfolio, much of the hotel,
office, and apartment project loans are also construction loans. Refer to page 58 of the 2004 Annual Report to Shareholders (2004
Annual Report), incorporated herein by reference, for a listing of loans by property type. The Bank also originates mezzanine loans. These loans, while more aggressive than the rest of the
portfolio in terms of loan-to-cost and loan-to-value ratios, have significantly higher interest
rates. The mezzanine loans are almost always subordinate to a Corus first mortgage loan (as
opposed to a third partys). We believe staying focused on a relatively narrow band of collateral
types helps us achieve expertise and also maintain quality in our loan originations. Finally, as mentioned above, most of Corus lending is secured by to-be-constructed assets.
Even the Banks non-construction lending focuses primarily on relatively new properties. Collateral Valuation Condominiums With condominiums, the assets themselves do not generate cash flow, so traditional measures of
cash flow and debt service are not applicable. Rather, underwriting is focused on asset value.
Assessing asset value accurately is critical to avoiding excessively high loan exposure. To assess asset value, we focus on the results of site inspections, which include visits to
comparable properties, as well as project costs, the information we
can glean from our extensive internal records, and independent
appraisal reports. In certain markets, Florida and Las Vegas in particular, pre-sale
requirements in construction loans provide another source for verifying current asset value. Nearby
comparable sales can often be verified via public records, which supplement our analysis. 1




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Other Collateral Types For hotel, office, and apartment lending, assessing the operating cash flows generated by the
underlying collateral is a critical part of the underwriting process. This assessment becomes even
more challenging for to-be-constructed assets. Since we do very little apartment lending, we will
limit our comments here to hotel and office loans. With hotels, in particular, we have observed radical variations (sometimes higher but more often
lower) in actual cash flows achieved compared to the borrowers original estimates. Predicting
hotel cash flow can be incredibly difficult, even for some of the most experienced hotel operators
in the country. This uncertainty extends to both income and expense projections. Since most of our
hotel loans are construction loans, we manage this uncertainty by getting large amounts of equity
invested ahead of us. We usually get equity and subordinate debt totaling at least 35% of total
cost, and very often 40% to 50%. Office buildings can be equally uncertain, but primarily due to uncertainty about occupancy and
rental income, with expenses being more straightforward to underwrite. We get comparable amounts of
equity in speculative office construction deals as we do in hotel deals. Focus on Major Metropolitan Areas
The vast majority of our loans are not only in product types that are quite familiar to us,
but also in markets we know well. Over 90% of Corus commercial real estate loans (by total
commitment) are secured by properties in 10 major metropolitan areas across the country (refer to
page 59 of the 2004 Annual Report, incorporated herein by reference, for a listing of loans by
major metropolitan area). The in-depth knowledge we have about existing loans in those markets, as
well as paid-off loans and rejected loans, allows us to further validate borrowers claims about
value. Construction Loans With all construction, a critical consideration is whether or not the building will get built
to the standard represented by the borrower. Virtually all of our loans have individual or
corporate completion guarantors (this is a guarantee that the borrower will complete the project
according to the Bank-approved plans, lien free, and on time; it is not a guarantee of payment of
the loan). More importantly, we try to ensure that the borrower and/or junior lenders have a
substantial amount of cash invested in the projects in a subordinate position to our loan. This
helps ensure that if there are cost overruns in construction, either the borrower or a junior
lender will feel they have money they must protect, and will therefore pay for the cost overrun. We also focus on each borrowers experience in building properties of the type securing the loan in
question. If there is limited experience we will generally be more cautious in the loan size we
offer. Finally, we have independent consultants review our borrowers plans and specifications, as
well as review loan draw documentation and make ongoing site inspections throughout the
construction term. Personnel and Related Matters An experienced and highly capable loan officer group is critical to the success of our
underwriting efforts. Our 15 most senior commercial real estate loan officers have, on average,
over 15 years of experience in commercial real estate lending. We have devised a commission program
that compensates officers for success, but holds back much of their pay for nine years, during
which time it is at risk of loss if their loans do not perform (refer to Compensation Committee
Report on Executive Compensation included on pages 19 through 21 of the 2005 Proxy Statement). 2




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Robert J. Glickman (Chief Executive Officer) and Michael G. Stein (Executive Vice President 
Commercial Lending) are deeply involved in every aspect of the lending process. This includes
structuring and pricing the loans, visiting the
sites and inspecting comparable properties, meeting directly with the borrowers, underwriting and
approving the loans, consulting on documentation issues, and making various decisions in the course
of servicing the loans. Corus is able to maintain this level of executive attention by focusing on
larger transactions. The average loan size for loans originated in 2004 was approximately $50
million. This is highly unusual for real estate lenders of any size (refer to pages 57 and 58 of
the 2004 Annual Report, incorporated herein by reference, for information about 2004 loan
originations and a listing of loans by size). Deposit Gathering With respect to retail banking, the Bank has 11 branches in the Chicago metropolitan area.
Through these branches, Corus offers general banking services such as checking, savings, money
market, and time deposit accounts as well as safe deposit boxes and a variety of additional
services. Corus markets its deposit products nationwide using competitive rates to attract
depositors. These depositors are serviced through a combination of Corus call center personnel
and an internet-based system. As of December 31, 2004,
approximately 40% of Corus deposits, excluding brokered
certificates of deposit, were
from customers outside of Illinois. Servicing the Check Cashing Industry Finally, Corus provides clearing, depository, and credit services to over 500 check cashing
industry locations in the Chicago area and an additional 20 in Milwaukee, Wisconsin. Segment Information Refer to pages 39 and 40 of the 2004 Annual Report, incorporated herein by reference, for revenues,
net income, and total assets by segment. Competition All of Corus principal business activities are highly competitive. Corus competes actively
with other financial services providers offering a wide array of financial products and services.
The competitors include other commercial banks, savings banks, credit unions, brokerage firms,
finance companies, insurance companies, and mutual funds. Competition is generally in the form of
interest rates and points charged on loans, interest rates paid on deposits, service charges,
banking hours and locations including ATM access, and other service-related products. Employees At December 31, 2004, Corus employed a total of 471 full-time equivalent persons, consisting of 114
executives, management and supervisory personnel and 357 staff, clerical, and secretarial
employees. 3




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Supervision and Regulation General Corus is a bank holding company within the meaning of the Bank Holding Company Act of 1956, as
amended (the Act), and is registered as such with the Board of Governors of the Federal Reserve
System (the Federal Reserve Board). The Act requires every bank holding company to obtain prior
approval of the Federal Reserve Board before acquiring, merging with or consolidating into another
bank holding company, acquiring substantially all the assets of any bank, or acquiring direct or
indirect ownership or control of 5% or more of the voting shares of any bank or bank holding
company. The Act also prohibits a bank holding company, with certain exceptions, from acquiring direct or
indirect ownership or control of 5% or more of the voting shares of any company which is not a bank
and from engaging in any business other than that of banking, managing and controlling banks, or
furnishing services to banks and their subsidiaries. However, Corus may engage in and own shares
of companies engaged in certain businesses determined by the Federal Reserve Board to be closely
related to banking or managing or controlling banks. The Illinois Bank Holding Company Act of 1957 (the Illinois Act), as amended, permits Corus
to acquire banks located anywhere in Illinois. Other amendments of the Illinois Act authorize
combinations between banks and bank holding companies located in Illinois and banks and bank
holding companies located in another state if that other state has passed legislation granting
similar privileges to Illinois banks and bank holding companies. Effective December 1, 1990,
holding companies from any state were permitted to acquire Illinois banks and bank holding
companies if the other state allows Illinois bank holding companies the same privilege. In June
1993, the Illinois Act was amended to eliminate all branch restrictions. Accordingly, banks
located in Illinois are permitted to establish branches anywhere in the state. Corus subsidiary bank is a national bank and, as such, is supervised, examined and regulated by
the Office of the Comptroller of the Currency under the National Bank Act. Since a national bank
is also a member of the Federal Reserve System and its deposits are insured by the Federal Deposit
Insurance Corporation (FDIC), the subsidiary bank is also subject to the applicable provisions of
the Federal Reserve Act, the Federal Deposit Insurance Act, and, in certain respects, to state laws
applicable to financial institutions. The subsidiary bank is subject to FDIC deposit insurance assessments. Under the FDICs risk-based
assessment system, the assessment rate is based on classification of a depository institution in
one of nine risk assessment categories. Such classification is based upon the institutions
capital level and upon certain supervisory evaluations of the institution by its primary regulator.
The subsidiary banks FDIC deposit insurance cost for 2005 will be approximately 0.01% of
deposits. The Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA) initiated new intense
regulation for the financial services industry. FDICIA made significant changes in the legal
environment for insured banks, including reductions in insurance coverage for certain types of
deposits, increases in consumer-oriented requirements, and substantial revisions in the
supervision, examination, and audit processes. FDICIA also required new reporting by banks and
mandated adoption of new regulations concerning capital, liquidity, internal controls, safety and
soundness, and prompt corrective action. 4




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Bank Secrecy Act & USA Patriot Act The Bank Secrecy Act (the BSA) was designed to fight drug trafficking, money laundering, and
other crimes. Congress enacted the BSA to help prevent Banks and other financial service providers
from being used as intermediaries for, or to hide the transfer or deposit of money derived from,
criminal activity. Under the BSA, a financial institution is required to have systems in place to
detect and report certain transactions, based on the size and nature of the transaction. The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism Act of 2001 (the USA Patriot Act) was designed to deny terrorists and others
the ability to obtain access to the United States financial system. The USA Patriot Act amended
the BSA to require financial institutions to implement new policies and procedures or amend
existing policies and procedures with respect to, among other matters, anti-money laundering and
expanded due diligence on customers. Corus subsidiary bank is subject to the BSA, as amended, and has approved a compliance program
that satisfies the regulations. This compliance program includes policies and procedures to ensure
ongoing compliance with the BSA and the USA Patriot Act, calls for special training of all
appropriate personnel, contains a plan for daily coordination and monitoring by a designated
person, and calls for independent testing of compliance. Failure to comply with the requirements of the BSA can have serious consequences including
civil or criminal penalties. In addition, the Banks regulators could issue an order to cease and
desist from its violations, downgrade their rating of Bank management, and/or reject future merger
applications. Capital Adequacy The Federal Reserve Board established risk-based capital guidelines that require bank holding
companies to maintain minimum capital ratios. The main objective of the risk-based capital
requirements is to provide a fair and consistent framework for comparing capital positions of all
banking institutions. Under these guidelines, capital consists of two components, core capital
elements (Tier 1 capital) and supplementary capital elements (Tier 2 capital). Assets and
off-balance-sheet items are assigned broad risk categories. The aggregate dollar value of each
category is multiplied by a risk weight associated with that category. In 1992, the FDIC adopted new regulations that defined five capital categories for purposes of
implementing the requirements under FDICIA. The five capital categories, which range from
well-capitalized to critically under-capitalized, are based on the level of risk-based capital
measures. The minimum risk-based capital ratios for Tier 1 capital to risk-weighted assets and
total risk-based capital to risk-weighted assets to be classified as well-capitalized are 6.0% and
10.0%, respectively. At December 31, 2004, Corus Tier 1 capital and total risk-based capital
ratios were 15.4% and 18.5%, respectively. In addition, bank regulatory agencies established a leverage ratio to supplement the risk-based
capital guidelines. The leverage ratio is intended to ensure that adequate capital is maintained
against risks other than credit risk. A minimum required ratio of Tier 1 capital to quarterly
average assets of 3.0% is required for the highest quality bank holding companies that are not
anticipating or experiencing significant growth. All other banking institutions must maintain a
leverage ratio of 4.0% to 5.0% depending upon an institutions particular risk profile. At
December 31, 2004, Corus leverage ratio was 15.7%. 5




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Interstate Banking The Riegle-Neal Interstate Bank and Branching Efficiency Act of 1994 (IBBA) permits bank
holding companies that are adequately capitalized and managed to acquire banks located in any other
state after September 29, 1995, subject to certain statewide and nationwide deposit concentration
limits. States may prohibit acquisition of banks that have not been in existence for at least five
years. The interstate branching by merger provisions were effective on June 1, 1997, unless a state took
legislative action prior to that date. The long-term effects on Corus of such changes in
interstate banking and branching laws cannot be predicted. However, Corus is currently
experiencing increased competition from national and regional banking firms headquartered outside
of Illinois. Graham-Leach-Bliley Act of 1999 The enactment of the Graham-Leach-Bliley Act of 1999 (the GLB Act) repeals sections 20 and 32 of
the Banking Act of 1933 (the Banking Act), allowing new opportunities for banks, other depository
institutions, insurance companies, and securities firms to enter into combinations that permit a
single financial services organization to offer customers a more complete array of financial
products and services. To further this goal, the GLB Act amended section 4 of the Banking Act
providing a new regulatory framework for regulation through the financial holding company (FHC),
which has as its umbrella regulator the Federal Reserve Board. Functional regulation of the FHCs
separately regulated subsidiaries will be conducted by their primary functional regulator.
Pursuant to the GLB Act, bank holding companies, subsidiary depository institutions thereof, and
foreign banks electing to qualify as a FHC must be well managed, well capitalized, and at least
rated satisfactory under the Community Reinvestment Act in order for them to engage in new
financial activities. The GLB Act also provides a federal right to privacy of non-public personal
information of individual customers. Access to Reports The Companys Annual Report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form
8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the
Securities Exchange Act of 1934 are made available free of charge through the Companys website at
www.corusbank.comas soon as reasonably practicable after such material is electronically filed
with, or furnished to, the Securities and Exchange Commission. Copies will be available upon
written request to the Chief Financial Officer of the Company. A charge will be made for exhibits
requested. Executive Officers The information regarding the Companys executive officers in Item 10 of this report is
incorporated herein by reference. 
 ITEM 2. PROPERTIES Corus utilizes the building facilities of its Irving Park branch, which is located at 3959 N.
Lincoln Avenue, Chicago, Illinois, for its executive offices. Corus owns the property and
buildings where nine of the eleven bank branches are located. The other two branch facilities are
leased from unrelated parties. 6




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ITEM 3. LEGAL PROCEEDINGS Corus is involved in various legal and regulatory proceedings involving matters that arose in the
ordinary course of business. The consequences of these proceedings are not presently determinable
but, in the opinion of management, these proceedings will not have a material effect on the results
of operations, financial position, liquidity or capital resources. 
 ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS None. 7




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PART II 
 ITEM 5. MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER
PURCHASES OF EQUITY SECURITIES Price Range of Common Stock Corus common stock trades on the NASDAQ National Market tier of The NASDAQ Stock Market under the
symbol: CORS. The high and low prices for the common stock for the calendar quarters indicated, as
reported by NASDAQ, are listed on page 43 of the 2004 Annual Report, which is incorporated herein
by reference. Approximate Number of Equity Security Holders The Company had over 6,300 shareholders as of February 21, 2005 including 299 shareholders of
record and approximately 6,000 shareholder accounts maintained through brokers. Dividends on Common Stock Quarterly cash dividends per common share for the last two years are included on page 43 of
the 2004 Annual Report, which is incorporated herein by reference. Dividends were declared and
paid on a quarterly basis. The declaration of dividends is at the discretion of Corus Board of
Directors and depends upon, among other factors, earnings, capital requirements and the operating
and financial condition of Corus. Additional information regarding dividend restrictions can be
found under the heading Shareholders Equity and Dividend Restrictions on page 37 of the Notes to
Consolidated Financial Statements of the 2004 Annual Report. Issuer Purchases of Equity Securities (c)
    
    
    
    (d)(a)
    
    
    
    (b)
    
    
    
    Total Number of Shares
    
    
    
    Maximum Number ofTotal Number
    
    
    
    Average
    
    
    
    Purchased as Part of
    
    
    
    Shares that May Yet Beof Shares
    
    
    
    Price Paid
    
    
    
    Publicly Announced
    
    
    
    Purchased Under thePeriod
    
    
    Purchased
    
    
    
    per Share
    
    
    
    Plans or Programs
    
    
    
    Plans or ProgramsOctober 1-31, 2004
    
    
    
    9,700
    
    
    
    $
    44.27
    
    
    
    
    9,700
    
    
    
    
    936,400November 1-30, 2004
    
    
    
    30,000
    
    
    
    $
    46.66
    
    
    
    
    30,000
    
    
    
    
    906,400December 1-31, 2004
    
    
    
    31,900
    
    
    
    $
    48.82
    
    
    
    
    31,900
    
    
    
    
    874,500Total
    
    
    
    71,600
    
    
    
    $
    47.30
    
    
    
    
    71,600
    
    
    
    
    874,500
 On April 21, 2004, Corus Board of Directors approved a new program to repurchase up to
1,000,000 common shares of Corus stock. The program expires in April 2009. Coincident with the
approval of the new plan, the repurchase program that was approved by the Board of Directors in
November 1999 was terminated. 8




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ITEM 6. SELECTED FINANCIAL DATA Refer to pages 72 and 73 of the 2004 Annual Report, incorporated herein by reference, for
additional selected financial data. December 31(thousands, except per-share data)
    
    2004
    
    
    2003
    
    
    2002
    
    
    2001
    
    
    2000Interest income
    
    $
    222,059
    
    
    $
    170,239
    
    
    $
    152,878
    
    
    $
    188,630
    
    
    $
    223,676Interest expense
    
    
    70,595
    
    
    
    46,812
    
    
    
    54,591
    
    
    
    80,921
    
    
    
    102,625Net interest income
    
    
    151,464
    
    
    
    123,427
    
    
    
    98,287
    
    
    
    107,709
    
    
    
    121,051Provision for loan losses
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Net interest income after provision
for loan losses
    
    
    151,464
    
    
    
    123,427
    
    
    
    98,287
    
    
    
    107,709
    
    
    
    121,051Noninterest income, excluding
securities gains/(losses)
    
    
    14,066
    
    
    
    14,554
    
    
    
    15,821
    
    
    
    17,881
    
    
    
    36,729Securities gains/(losses), net
    
    
    37,349
    
    
    
    2,366
    
    
    
    7,258
    
    
    
    7,835
    
    
    
    10,531Noninterest expense
    
    
    56,273
    
    
    
    52,533
    
    
    
    47,472
    
    
    
    51,100
    
    
    
    54,654Income tax expense
    
    
    48,667
    
    
    
    29,404
    
    
    
    24,580
    
    
    
    28,142
    
    
    
    38,903Net income available to common
shareholders
    
    $
    97,939
    
    
    $
    58,410
    
    
    $
    49,314
    
    
    $
    54,183
    
    
    $
    74,754Net income per share: (1)Basic
    
    $
    3.51
    
    
    $
    2.08
    
    
    $
    1.74
    
    
    $
    1.92
    
    
    $
    2.62Diluted
    
    
    3.40
    
    
    
    2.04
    
    
    
    1.72
    
    
    
    1.89
    
    
    
    2.62Cash dividends declared per
common share (1)
    
    $
    1.250
    
    
    $
    0.830
    
    
    $
    0.318
    
    
    $
    0.308
    
    
    $
    0.298Assets
    
    $
    5,017,787
    
    
    $
    3,643,830
    
    
    $
    2,617,050
    
    
    $
    2,659,322
    
    
    $
    2,598,467Long-term obligations
    
    $
    260,658
    
    
    $
    207,500
    
    
    $
    45,375
    
    
    $
    48,000
    
    
    $
    40,000
   (1)
    
    Reflects a 100% stock dividend on 12/15/03 9




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ITEM 7. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The information contained under the caption Managements Discussion and Analysis of Financial
Statements on pages 47 through 71 of the 2004 Annual Report is incorporated herein by reference. Off-Balance Sheet Arrangements, Contractual Obligations, and Commitments As of the date of this report, Corus has no off-balance sheet arrangements, as defined by
Securities and Exchange Commission Regulation S-K Item 303(a)(4). The following table presents Corus contractual obligations as of December 31, 2004: (thousands)
    
    Payments due by periodLess than
    
    
    
    
    
    
    
    
    
    
    More thanContractual Obligations
    
    1 year
    
    
    1-3 years
    
    
    3-5 years
    
    
    5 years
    
    
    TotalDeposits without a stated maturity
    
    $
    2,347,785
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    2,347,785Certificates of deposit
    
    
    1,301,372
    
    
    
    223,853
    
    
    
    171,004
    
    
    
    56,138
    
    
    
    1,752,367Long-term debt  subordinated
debentures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    255,158
    
    
    
    255,158Other borrowings
    
    
    1,431
    
    
    
    5,500
    
    
    
    
    
    
    
    
    
    
    
    6,931Minimum fixed lease obligations
    
    
    410
    
    
    
    850
    
    
    
    892
    
    
    
    1,585
    
    
    
    3,737Purchase obligations
    
    
    738
    
    
    
    1,843
    
    
    
    1,845
    
    
    
    2,107
    
    
    
    6,533Total
    
    $
    3,651,736
    
    
    $
    232,046
    
    
    $
    173,741
    
    
    $
    314,988
    
    
    $
    4,372,511
 Corus had the following lending commitments as of December 31, 2004: (thousands)Standby letters of credit
    
    $
    17,265Commitments letters outstanding
    
    
    88,000Unused commitments under lines of credit
    
    
    2,598,083Total commitments outstanding
    
    $
    2,703,348
 Refer to Note 12 of Notes to Consolidated Financial Statements of the 2004 Annual Report for
additional detail. 
 ITEM 7a. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK The information contained under the caption Market Risk Management on pages 68 and 69 of the 2004
Annual Report is incorporated herein by reference. 10




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##### Table of Contents



ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA The information required by this item is incorporated herein by reference from the Consolidated
Financial Statements, Notes to Consolidated Financial Statements, and Report of Independent
Registered Public Accounting Firm on pages 10 through 44 of the Companys 2004 Annual Report. Supplementary Statistical Data Pages 11 through 17 contain supplementary statistical data. This data should be read in
conjunction with Corus Managements Discussion and Analysis of Financial Statements and the
Consolidated Financial Statements and notes thereto of the 2004 Annual Report, which is
incorporated herein by reference. Securities Portfolio Carrying Value of Securities by Category The carrying values of securities held by Corus were as follows: December 31(thousands)
    
    2004
    
    
    2003
    
    
    2002Available-for-saleU.S. Government and agencies
    
    $
    427,687
    
    
    $
    206,739
    
    
    $
    214,800Corporate debt securities
    
    
    
    
    
    
    28,191
    
    
    
    44,369Common stocks
    
    
    219,099
    
    
    
    188,844
    
    
    
    147,845Mortgage backed securities
    
    
    3,240
    
    
    
    5,046
    
    
    
    9,845Other
    
    
    16,599
    
    
    
    4,086
    
    
    
    3,785Total
    
    $
    666,625
    
    
    $
    432,906
    
    
    $
    420,644Held-to-maturityState and municipal
    
    $
    600
    
    
    $
    1,100
    
    
    $
    1,099Mortgage backed securities
    
    
    94
    
    
    
    182
    
    
    
    302Other
    
    
    11,650
    
    
    
    10,462
    
    
    
    5,286Total
    
    $
    12,344
    
    
    $
    11,744
    
    
    $
    6,687
 11




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##### Table of Contents



Maturities of Securities The scheduled maturities by security type as of December 31, 2004 were as follows: From one
    
    
    From five
    
    
    
    
    
    
    Not due atOne year
    
    
    through
    
    
    through
    
    
    After
    
    
    a single(thousands)
    
    or less
    
    
    five years
    
    
    ten years
    
    
    ten years
    
    
    maturity
    
    
    TotalU.S. Government
and agencies
    
    $
    283,360
    
    
    $
    144,327
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    427,687State and municipal
    
    
    600
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    600Common stocks
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    219,099
    
    
    
    219,099Mortgage backed securities
    
    
    
    
    
    
    70
    
    
    
    1
    
    
    
    3,263
    
    
    
    
    
    
    
    3,334Other
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    28,249
    
    
    
    28,249Total
    
    $
    283,960
    
    
    $
    144,397
    
    
    $
    1
    
    
    $
    3,263
    
    
    $
    247,348
    
    
    $
    678,969
 The weighted-average yields for each range of maturities of securities at December 31, 2004
were as follows: From one
    
    
    From five
    
    
    
    
    
    
    Not due atOne year
    
    
    through
    
    
    through
    
    
    After
    
    
    a singleor less
    
    
    five years
    
    
    ten years
    
    
    ten years
    
    
    maturity
    
    
    TotalU.S. Government
and agencies
    
    
    2.39
    %
    
    
    2.96
    %
    
    
    
    %
    
    
    
    %
    
    
    
    %
    
    
    2.58
    %State and municipal
    
    
    5.08
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    5.08Common stocks
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4.28
    
    
    
    4.28Mortgage backed securities
    
    
    
    
    
    
    7.58
    
    
    
    7.58
    
    
    
    5.74
    
    
    
    
    
    
    
    5.78Other
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    5.64
    
    
    
    5.64
 Actual maturities may differ from those scheduled due to prepayments from issuers. Common
stock yields, which reflect a tax equivalent adjustment for the 70% dividend received deduction,
include the impact of dividend payments only. Yields on tax-advantaged securities reflect a tax
equivalent adjustment based on a marginal corporate tax rate of 35%. 12




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##### Table of Contents



Loan Portfolio Classification of Loans Corus loans were as follows: December 31(thousands)
    
    2004
    
    
    2003
    
    
    2002
    
    
    2001
    
    
    2000Commercial real estate:Senior non-construction
    
    $
    1,419,670
    
    
    $
    1,207,015
    
    
    $
    989,146
    
    
    $
    675,526
    
    
    $
    655,148Senior construction
    
    
    1,101,973
    
    
    
    1,005,206
    
    
    
    531,612
    
    
    
    515,002
    
    
    
    513,955Mezzanine
    
    
    111,278
    
    
    
    53,790
    

    
    
    32,092
    
    
    
    39,223
    
    
    
    20,877Commercial
    
    
    109,582
    
    
    
    98,621
    
    
    
    87,631
    
    
    
    94,015
    
    
    
    91,093Residential real estate and other
    
    
    51,325
    
    
    
    69,139
    
    
    
    101,488
    
    
    
    151,479
    
    
    
    270,807Total
    
    $
    2,793,828
    
    
    $
    2,433,771
    
    
    $
    1,741,969
    
    
    $
    1,475,245
    
    
    $
    1,551,880
 Maturities of Loans and Sensitivity to Changes in Interest Rates The following table classifies the scheduled maturities for the following loan portfolio categories
at December 31, 2004: One year
    
    
    From one
    
    
    After(thousands)
    
    or less
    
    
    to five years
    
    
    five years
    
    
    TotalCommercial real estate:Senior non-construction
    
    $
    293,170
    
    
    $
    1,125,014
    
    
    $
    1,486
    
    
    $
    1,419,670Senior construction
    
    
    386,316
    
    
    
    715,657
    
    
    
    
    
    
    
    1,101,973Mezzanine
    
    
    38,339
    
    
    
    72,939
    
    
    
    
    
    
    
    111,278Commercial
    
    
    70,372
    
    
    
    36,326
    
    
    
    2,884
    
    
    
    109,582
 Of the loans maturing after one year, $134.5 million have fixed rates and $1.8 billion have
floating or adjustable rates. 13




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##### Table of Contents



Risk Elements in the Loan Portfolio Past Due, Nonaccrual, and Restructured Loans were as follows: December 31(thousands)
    
    2004
    
    
    2003
    
    
    2002
    
    
    2001
    
    
    2000Loans past due 90 days or more
still accruing interest
    
    $
    6,021
    
    
    $
    1,809
    
    
    $
    2,454
    
    
    $
    5,939
    
    
    $
    20,510Less guaranteed student loans
    
    
    (346
    )
    
    
    (573
    )
    
    
    (806
    )
    
    
    (1,721
    )
    
    
    (16,729
    )Net loans past due 90 days or more
    
    
    5,675
    
    
    
    1,236
    
    
    
    1,648
    
    
    
    4,218
    
    
    
    3,781Nonaccrual loans
    
    
    76
    
    
    
    7,896
    
    
    
    4,808
    
    
    
    1,520
    
    
    
    1,300Restructured loans
    
    
    23,479
    
    
    
    6,436
    
    
    
    62
    
    
    
    62
    
    
    
    63Total
    
    $
    29,230
    
    
    $
    15,568
    
    
    $
    6,518
    
    
    $
    5,800
    
    
    $
    5,144As a percentage of total loans:Net loans past due 90 days or more
    
    
    0.20
    %
    
    
    0.05
    %
    
    
    0.09
    %
    
    
    0.29
    %
    
    
    0.24
    %Nonaccrual loans
    
    
    0.00
    %
    
    
    0.32
    %
    
    
    0.28
    %
    
    
    0.10
    %
    
    
    0.08
    %Restructured loans
    
    
    0.84
    %
    
    
    0.26
    %
    
    
    0.00
    %
    
    
    0.00
    %
    
    
    0.00
    %
 For those loans listed as nonaccrual at December 31, 2004, $4,300 of interest income would
have been recorded during 2004 had the loans been current in accordance with their original terms.
Actual amounts included in 2004 income for loans on nonaccrual at December 31, 2004 was $10,400 as
amounts were collected relating to prior years. Restructured loans at December 31, 2004 consists
of two loans. Both of these loans were restructured at maturity and, as such, disclosure with
respect to the loans original terms is not meaningful. Finally, Corus nonaccrual policy is
incorporated herein by reference from page 15 of the 2004 Annual Report. Potential Problem Loans In accordance with the regulatory definitions published in the Office of the Comptroller of the
Currencys Comptrollers Handbook the Bank uses the following rating categories for its loans (in
order of increasing risk): Pass, Watch, Special Mention, Substandard, Doubtful, and Loss. Loan
ratings are assigned at origination and are updated formally as part of an annual review process
and at the time of modification or renewal; many are updated more frequently as part of the Banks
normal reporting processes. All commercial real estate loans are reviewed a minimum of once each
year, with more frequent evaluations performed on loans with ratings below Pass. All loans may
have their rating adjusted either up or down at any time based on receipt of new information. This
loan rating system is an integral part of the Banks problem loan identification system. Loans
presenting the greatest risks to the Bank, based on their rating, are reported to senior management
and the Banks Board of Directors every month. Through its problem loan identification system, management identified additional potential problem
loans. Known information about possible credit problems with these loans causes management to have
serious doubts as to the ability of the borrowers to comply with the present loan repayment terms
and may result in future disclosure of such loans as nonaccrual, past due, or troubled debt
restructurings. As of December 31, 2004, the principal amount of these loans was $13.2 million.
This amount generally includes commercial real estate loans that were classified as either Special
Mention or Substandard and residential real estate loans that are either in bankruptcy or in
process of foreclosure. 14




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##### Table of Contents



Loan Concentrations As of December 31, 2004, 67% of Corus outstanding commercial real estate loans (76% of total
commitments) were collateralized by condominium buildings in major metropolitan areas. Refer to
pages 58 and 59 of Managements Discussion and Analysis of Financial Statements for a breakdown of
loans by size, collateral type and geographic distribution. Analysis of the Allowance for Loan Losses The activity in the allowance for loan losses was as follows: Year Ended December 31(thousands)
    
    2004
    
    
    2003
    
    
    2002
    
    
    2001
    
    
    2000Balance at beginning of year
    
    $
    36,448
    
    
    $
    36,629
    
    
    $
    40,457
    
    
    $
    39,601
    
    
    $
    32,090Less charge-offs:Commercial
 check cashing/other
    
    
    13
    
    
    
    443
    
    
    
    567
    
    
    
    4
    
    
    
    116Overdraft
 check cashing
    
    
    
    
    
    
    1,189
    
    
    
    2,660
    
    
    
    
    
    
    
    Commercial real estate
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Residential real estate and other
    
    
    652
    
    
    
    1,663
    
    
    
    2,830
    
    
    
    3,628
    
    
    
    4,357Total charge-offs
    
    
    665
    
    
    
    3,295
    
    
    
    6,057
    
    
    
    3,632
    
    
    
    4,473Add recoveries:Commercial  check cashing/other
    
    
    
    
    
    
    191
    
    
    
    8
    
    
    
    3
    
    
    
    13Overdraft  check cashing
    
    
    
    
    
    
    682
    
    
    
    
    
    
    
    
    
    
    
    Commercial real estate
    
    
    
    
    
    
    
    
    
    
    17
    
    
    
    10
    
    
    
    42Residential real estate and other
    
    
    2,099
    
    
    
    2,241
    
    
    
    2,204
    
    
    
    4,475
    
    
    
    11,929Total recoveries
    
    
    2,099
    
    
    
    3,114
    
    
    
    2,229
    
    
    
    4,488
    
    
    
    11,984Net (charge-offs)/recoveries
    
    
    1,434
    
    
    
    (181
    )
    
    
    (3,828
    )
    
    
    856
    
    
    
    7,511Reclassification to reserve for loan losses
related to unfunded commitments
    
    
    (5,000
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Additions charged to operations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Balance at end of year
    
    $
    32,882
    
    
    $
    36,448
    
    
    $
    36,629
    
    
    $
    40,457
    
    
    $
    39,601Net (charge-offs)/recoveries as a percentage
of average loans outstanding
    
    
    0.06
    %
    
    
    (0.01
    %)
    
    
    (0.24
    %)
    
    
    0.05
    %
    
    
    0.42
    %
 15




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##### Table of Contents



Allocation of the Allowance for Loan Losses The allocation of the allowance for loan losses was as follows: December 31(thousands)
    
    2004
    
    
    2003
    
    
    2002
    
    
    2001
    
    
    2000Commercial real estate:Senior non-construction
    
    $
    7,847
    
    
    $
    7,537
    
    
    $
    7,961
    
    
    $
    11,516
    
    
    $
    11,491Senior construction
    
    
    10,668
    
    
    
    21,431
    
    
    
    17,715
    
    
    
    13,642
    
    
    
    14,049Mezzanine
    
    
    1,077
    
    
    
    496
    
    
    
    367
    
    
    
    553
    
    
    
    297Commercial
    
    
    339
    
    
    
    353
    
    
    
    343
    
    
    
    44
    
    
    
    141Residential real estate and other
    
    
    3,486
    
    
    
    4,295
    
    
    
    8,483
    
    
    
    9,799
    
    
    
    13,299Unallocated
    
    
    9,465
    
    
    
    2,336
    
    
    
    1,760
    
    
    
    4,903
    
    
    
    324Total
    
    $
    32,882
    
    
    $
    36,448
    
    
    $
    36,629
    
    
    $
    40,457
    
    
    $
    39,601
 The unallocated balance is based on managements review of overall factors affecting the
determination of probable losses inherent in the portfolio, which may not be captured, or captured
completely, by the mechanical application of historical loss ratios and other factors used in
determining the allocated inherent reserve. This portion of the reserve analysis involves the
exercise of judgment and reflects all appropriate considerations, including managements view that
the reserve should have a margin that recognizes the imprecision inherent in the process of
estimating expected credit losses. Loan Portfolio
Composition The composition of the loan portfolio was as follows: December 312004
    
    
    2003
    
    
    2002
    
    
    2001
    
    
    2000Commercial real estate:Senior non-construction
    
    
    51
    %
    
    
    50
    %
    
    
    57
    %
    
    
    46
    %
    
    
    42
    %Senior construction
    
    
    39
    
    
    
    41
    
    
    
    30
    
    
    
    35
    
    
    
    33Mezzanine
    
    
    4
    
    
    
    2
    
    
    
    2
    
    
    
    3
    
    
    
    1Commercial
    
    
    4
    
    
    
    4
    
    
    
    5
    
    
    
    6
    
    
    
    6Residential real estate and other
    
    
    2
    
    
    
    3
    
    
    
    6
    
    
    
    10
    
    
    
    18Total
    
    
    100
    %
    
    
    100
    %
    
    
    100
    %
    
    
    100
    %
    
    
    100
    %
 For further review of the loan loss provision and the allowance for loan losses, reference is
made to pages 15 and 16 of Notes to Consolidated Financial Statements and pages 64 and 65 of
Managements Discussion and Analysis of Financial Statements of the 2004 Annual Report, which is
incorporated herein by reference. 16




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##### Table of Contents



Deposits The following table presents the scheduled maturities of time deposits in denominations of
$100,000 or greater at December 31, 2004. The schedule also provides a breakdown between retail
certificates of deposit and brokered certificates of deposit. (thousands)
    
    Total
    
    
    Retail
    
    
    BrokeredMaturing within 3 months
    
    $
    135,183
    
    
    $
    97,510
    
    
    $
    37,673After 3 but within 6 months
    
    
    177,345
    
    
    
    133,398
    
    
    
    43,947After 6 but within 12 months
    
    
    322,168
    
    
    
    287,353
    
    
    
    34,815After 12 months
    
    
    411,916
    
    
    
    20,432
    
    
    
    391,484Total
    
    $
    1,046,612
    
    
    $
    538,693
    
    
    $
    507,919
 Return on Equity and Assets The following table presents certain ratios relating to Corus equity and assets: December 312004
    
    
    2003
    
    
    2002Return on average total assets
    
    
    2.4
    %
    
    
    2.0
    %
    
    
    1.9
    %Return on average common shareholders equity
    
    
    17.4
    
    
    
    11.6
    
    
    
    10.6Dividend payout ratio
    
    
    35.6
    
    
    
    39.9
    
    
    
    18.2Average equity to average total assets
    
    
    13.9
    
    
    
    16.9
    
    
    
    17.7
 17




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##### Table of Contents



ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE None 
 ITEM 9a. CONTROLS AND PROCEDURES (a) Evaluation of Disclosure Controls and Procedures The Companys management has evaluated, with the participation of the Chief Executive Officer and
Chief Financial Officer, the Companys disclosure controls and procedures (as such term is defined
in Rule 13a  15(e) under the Securities Exchange Act of 1934) as of the end of the period covered
by this report. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer
have concluded that these controls and procedures were effective as of such date. (b) Managements Annual Report on Internal Control over Financial Reporting Managements Report on Internal Control over Financial Reporting is on page 46 of the Annual Report
and is incorporated herein by reference. (c) Attestation Report of the Independent Registered Public Accounting Firm Managements assessment of the effectiveness of Corus internal control over financial reporting as
of December 31, 2004 has been audited by Ernst & Young LLP, an independent registered public
accounting firm, as stated in their report on page 45 of the Annual Report and is incorporated
herein by reference. (d) Changes in Internal Control over Financial Reporting There were no changes in internal control over financial reporting (as such term is defined in Rule
13a  15(f) under the Securities Exchange Act of 1934) that occurred during the fourth quarter of
2004, that materially affected, or are reasonably likely to materially affect, the Companys
internal control over financial reporting. 
 ITEM 9b. OTHER INFORMATION In November 2004, the Compensation Committee of the Board of Directors met and approved the 2005
salaries for senior management, including the individuals listed under the heading Executive
Compensation on page 13 of the 2005 Proxy Statement. The 2005 salaries were set as follows:
Robert J. Glickman  $500,000, Randy P. Curtis  $235,000, Richard J. Koretz  $210,000, Michael G.
Stein  $275,000, and Tim H. Taylor  $336,000. 18




---



##### Table of Contents



PART III 
 ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT Information regarding directors of Corus (including the identification of the
financial expert serving on the Audit Committee) is incorporated herein by
reference from pages 3 through 6 of the 2005 Proxy Statement. For Executive
Officers (defined as all individuals on the subsidiary banks Board of
Directors), the following table provides each individuals name, number of years
with the Company, age, principal occupation over the past five years (Executive
Vice President  EVP; Senior Vice President  SVP; First Vice President  FVP;
Vice President  VP), and the years each position was held. Executive Officers of the Registrant Name and
    
    
    
    
    
    Principal Occupation(years with Company)
    
    Age
    
    for Past Five Years
    
    YearsRobert J. Glickman (35)(a)
    
    
    58
    
    
    President and Chief Executive Officer
    
    1984  PresentRandy P. Curtis (7)
    
    
    46
    
    
    EVP, Retail Banking
    
    2005  PresentSVP, Retail Banking
    
    1997  2004Michael G. Stein (13)
    
    
    44
    
    
    EVP, Commercial Lending
    
    1996  PresentTim H. Taylor (16)
    
    
    40
    
    
    EVP and Chief Financial Officer
    
    1998  PresentMichael E. Dulberg (5)
    
    
    39
    
    
    SVP and Chief Accounting Officer
(CAO)
    
    2004  PresentFVP and CAO
    
    2000  2004VP and Controller
    
    1999  2000Michael W. Jump (13)
    
    
    60
    
    
    SVP, Operations
    
    2000  PresentTerence W. Keenan (14)
    
    
    59
    
    
    SVP, Commercial Lending
    
    1990  PresentRichard J. Koretz (13)
    
    
    41
    
    
    SVP, Finance
    
    2000  PresentSVP, Consumer Lending
    
    1995  2000Joel C. Solomon (7)
    
    
    50
    
    
    SVP, Commercial Lending
    
    1997  PresentLori B. Neiman (4)
    
    
    40
    
    
    FVP, Commercial Lending
    
    2005  PresentVP, Commercial Lending
    
    2000  2004Director, Underwriting & Planning,
Heller Financial
    
    1997  2000Daniel A. Niedermeyer (15)
    
    
    39
    
    
    FVP, Consumer Lending/Operations
    
    2001  PresentVP, Consumer Lending
    
    1995  2001Jennifer A. Haughey (3)
    
    
    33
    
    
    VP, Human Resources
    
    2004  PresentAsst. VP, Human Resources
    
    2003  2004Officer, Human Resources
    
    2002  2003Human Resources Consultant, Human
Resources International
    
    1999  2001
    19




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All positions held on the previous table are as
officers of Corus Bank N.A. except Robert J. Glickman, Michael G. Stein,
Tim H. Taylor, Randy P. Curtis, Michael E. Dulberg and Richard J. Koretz
who are also officers of the Company. Information regarding compliance with Section 16(a) of
the Exchange Act is incorporated herein by reference from page 22 of the 2005 Proxy Statement. Code of Ethics for Principal Officers Corus has adopted a code of business conduct and ethics that applies to all of its directors,
officers and employees, including its Chief Executive Officer, Chief Financial Officer, and Chief
Accounting Officer. The text of the code of business conduct and ethics is available through the
Investor Relations section of the Corus website at www.corusbank.com. Additional information
regarding the Companys code of business conduct and ethics is incorporated herein by reference
from page 26 of the 2005 Proxy Statement. 
 ITEM 11. EXECUTIVE COMPENSATION Information regarding executive compensation is incorporated herein by reference from the material
under the caption Executive Compensation on pages 13 through 18 of the 2005 Proxy Statement.
Information regarding the compensation of directors on page 5 of the 2005 Proxy Statement is
incorporated herein by reference. The information in Compensation Committee Report on Executive
Compensation and Performance Graph is not incorporated herein by reference. 
 ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT AND RELATED STOCKHOLDER MATTERS Information regarding security ownership of certain beneficial owners and management is
incorporated herein by reference from the material under the headings Principal Shareholders and
Security Ownership of Directors and Management on pages 2 and 3 of the 2005 Proxy Statement. Information regarding Corus securities authorized for issuance under equity compensation
plans is incorporated herein by reference from the material under the heading Equity Compensation
Plan Information on page 18 of the 2005 Proxy Statement. For additional information regarding
Corus equity compensation plans, see the material under the heading Stock Option Plan on page 38
of Notes to Consolidated Financial Statements of the 2004 Annual Report. 
 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS Information regarding certain relationships and related transactions is incorporated herein by
reference from the material under the heading Transactions with Management and Others on page 22
of the 2005 Proxy Statement. 
 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES Information regarding Principal Accountant Fees and Services is incorporated herein by reference
from the material under the heading Appointment of Independent Public Accountants on page 7 of
the 2005 Proxy Statement. 20




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PART IV 
 ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES  (a)
    The following Consolidated Financial Statements, Notes to Consolidated Financial
Statements, and the Reports of Independent Registered Public Accounting Firm are incorporated
herein by reference from the following pages of the registrants 2004 Annual Report: Index
    
    PageConsolidated Balance Sheets
    
    
    10Consolidated Statements of Income
    
    
    11Consolidated Statements of Changes in Shareholders Equity
    
    
    12Consolidated Statements of Cash Flows
    
    
    13Notes to Consolidated Financial Statements
    
    
    14-43Reports of Independent Registered Public Accounting Firm
    
    
    44-45
 (b) Exhibits: 3(i)
    
    
    Amended and Restated Articles of Incorporation are incorporated herein by reference from Exhibit 3(i) to the Form 10-Q filing dated May 8, 2003.3(ii)

    
    
    Amended and Restated By-Laws are incorporated herein by reference from Exhibit 3(ii) to the Form 10-K/A filing dated March 19, 2004.The Company undertakes and agrees to furnish the Commission with a copy of any agreement with respect to its long-term debt upon request.10.1
    
    
    Amended and Restated Corus Bank N.A. Commission Program for Commercial Loan Officers is incorporated herein by reference from Exhibit 99.4 to the Form 8-K filing dated February 15, 2005.
(2)(3)10.2
    
    
    The 1999 Stock Option Plan is incorporated herein by reference from Form S-8 filing dated April 30, 1999 (2)10.3
    
    
    Form of Non-qualified Stock Option Agreement under the 1999 Stock Option Plan (Transferable) is incorporated herein by reference from Exhibit 99.1 to the Form 8-K filing dated February 15, 2005. (2)10.4
    
    
    Form of Non-qualified Stock Option Agreement under the 1999 Stock Option Plan (Non-Transferable) is incorporated herein by reference from Exhibit 99.2 to the Form 8-K filing dated February 15, 2005. (2)10.5
    
    
    Form of Change of Control Agreement between the company and certain of its officers from time to time is incorporated herein by reference from Exhibit 99.3 to the Form 8-K filing dated February 15, 2005. (2)10.6
    
    
    Summary description of compensation for directors is incorporated herein by reference from Exhibit 99.5 to the Form 8-K filing dated February 15, 2005. (2)
 21




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11
    
    
    Computation of Net Income Per Share is incorporated herein by reference from page 39 of the registrants 2004 Annual Report13
    
    
    Registrants 2004 Annual Report (excluding the portions that are not specifically incorporated by reference in this Annual Report on Form 10-K appearing on pages 1 through 8 and 74 through 75 of the 2004 Annual Report) (1)21
    
    
    List of subsidiaries  see Part I of this Report23
    
    
    Consent of Independent Registered Public Accounting Firm (1)31.1
    
    
    Rule 13a-14(a)/15d-14(a) Certification (1)31.2
    
    
    Rule 13a-14(a)/15d-14(a) Certification (1)32
    
    
    Section 1350 Certifications (1)
   (1)
    
    Filed herewith(2)
    
    Management or Director contract or compensatory plan or arrangement(3)
    
    Confidential treatment requested for portions of this document. 22




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SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized. Corus Bankshares, Inc.By:
    /s/  Tim H. TaylorTim H. TaylorExecutive Vice President &

Chief Financial Officer March 10, 2005 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed
below by the following persons on behalf of the registrant and in the capacities and on the dates
indicated. /s/ Joseph C. Glickman
    
    Chairman of the
Board of Directors
    
    March 10, 2005Joseph C. Glickman/s/ Robert J. Glickman
    
    President, Chief Executive Officer,
& Director
    
    March 10, 2005Robert J. Glickman/s/ Tim H. Taylor
    
    Executive Vice President & Chief
Financial Officer
    
    March 10, 2005Tim H. Taylor/s/ Michael E. Dulberg

Michael E. Dulberg
    
    Senior Vice President & Chief
Accounting Officer
    
    March 10, 2005/s/ Robert J. Buford

Robert J. Buford
    
    Director
    
    March 10, 2005/s/ Kevin R. Callahan

Kevin R. Callahan
    
    Director
    
    March 10, 2005/s/ Rodney D. Lubeznik

Rodney D. Lubeznik
    
    Director
    
    March 10, 2005/s/ Michael J. McClure

Michael J. McClure
    
    Director
    
    March 10, 2005/s/ Peter C. Roberts

Peter C. Roberts
    
    Director
    
    March 10, 2005
 23